Brazil

Brazilian oil company Petrobas has acquired a 50 perc ent interest in an offshore oil exploration and production block off the coast o f Namibia for US$16 million from UK firm Chariot Oil and Gas Limited, raising the tempo in oil search off the coast of Namibia.

The Brazilian state-owned oil company said Tuesday that it had snapped a 50 perc ent stake in Block 2714A, located in the offshore of southern Namibia.

Chariot Oil and Gas retains the remaining 50 percent stake.
AfricaManager